I read an article where a couple cleared their debt in just one year. They did this by setting up a secondary income stream, pulling in an extra $1,000 each month, which they used solely to pay off their debt. Their story made it seem so simple, almost like their solution was staring everyone in the face.
Getting rid of debt is easy if you have some financial padding. The real challenge lies in finding an extra $1,000 every month. But I was able to do it.
The secret to paying off debt isn’t really a secret at all. If you go through enough articles on the subject, they all boil down to two main principles: spend less and earn more.
Sounds straightforward, right? Yet if it were that easy, no one would have any debt.
Just like losing weight, the ‘secret’ is already known: eat less and move more. But how many actually follow that advice?
Out of the two steps to clear debt, cutting expenses seems to be easier to start with. First, we cut out the luxuries, and when necessary, we make bigger sacrifices. Personally, I moved to a less cozy place for 16 months to save money and pay down my debt. It was tough, but it worked. We managed to pay off $20,000 in just two and a half years.
After leaving our temporary, modest home, our living expenses naturally went up. The only way to keep paying down our debt was to increase our income. Over nine months, we tried a bunch of things—mystery shopping, freelance writing, cash incentives—but none of them quite worked out.
Then we found a side gig that offered $1,000 a month for just 10 hours of online work a week. At first, I was skeptical and unsure if I could find the time, but I decided to go for it.
So far, it’s paid off. I’m able to save some money for travel and put the rest toward clearing debt. Handling the extra work hasn’t been too overwhelming.
While not everyone can easily secure an extra $1,000 a month, every little bit helps when it comes to paying off debt. Keep an eye out for freelance opportunities that can boost your earnings and speed up your journey to a debt-free life.